Chapter II: Special Purpose Trust |
Section I: Asset Trust Securitization Plan and Special Purpose Trust |
| Article 9 |
（Establishment of processing regulations for beneficiary securities issued by entrusted institutions）The Trustee shall file an application or make a registration, along with the following documents, with the competent authority for the approval or effective registration of the issue of Beneficiary Securities; the guidelines related thereto shall be prescribed by the competent authority:
1. the asset trust securitization plan;
2. the SPT contract;
3. explanations regarding the methods of managing and disposing of the trust property; if a Servicer is appointed to manage and dispose of the trust property, the appointment agreement or other documentary proofs;
4. relevant risk hedging plans and documents; and
5. other documents as required by the competent authority.
The Trustee shall not issue Beneficiary Securities without the approval from or effective registration with the competent authority.
The Trustee shall operate the SPT business in accordance with the asset trust securitization plan approved by or effectively registered with the competent authority.
The Originator and the Trustee shall not be the same affiliated enterprise, and the document and information related to the trust property shall be provided to the Trustee without false statements or concealments.
The Originator violating the preceding paragraph shall compensate the acquirer or transferee of the Beneficiary Securities for the damages caused thereby.
Articles 369-1 to 369-3, Article 369-9, and Article 369-11 of the Company Act shall apply to the scope of "affiliated enterprises" as referred to in paragraph 4. |
| Article 10 |
（Items to be specified in asset trust securitization plans）The asset trust securitization plan shall contain the following:
1. name and address of the Originator;
2. duration of the SPT contract;
3. variety, name, quantity, amount, average yield, expiry, and trust period of the trust property;
4. following matters related to the Beneficiary Securities:
(1) the distribution method of the principal of the trust property and the profits, interest, and other proceeds accrued therefrom.
(2) Principal Holding, Profits Holding, priority of distribution and duration of Beneficiary Securities with different types or durations.
5. methods of managing and disposing of the trust property, and the name of the Servicer appointed to manage and dispose of the trust property;
6. powers and duties of the Trustee and the Trust Supervisor;
7. matters regarding borrowed money and expenses made or incurred for the SPT business;
8. relevant proof of credit rating or credit enhancement, if any;
9. evaluation method, basic assumptions, and expert opinions regarding the trust property; and
10. other matters as required by the competent authority. |
| Article 11 |
（Documents required for changes in asset trust securitization plans）After the issue of Beneficiary Securities, the Trustee shall not alter the asset trust securitization plan unless approved by a resolution of the beneficiaries' meeting and approved by or effectively registered with the competent authority; provided, that if the proposed alternations have no significant influence on the rights and interests of the beneficiaries, such alterations may be made after approved by or effectively registered with the competent authority.
With regard to the approval or registration as referred to in the preceding paragraph, an application shall be filed or a registration shall be made, clearly stating the contents and reasons for the alternations and attaching the following documents:
1. comparison tables of the asset trust securitization plan before and after the alternations;
2. journals of the beneficiaries' meeting which can be exempted if the proviso of the preceding paragraph shall apply;
3. evaluation and experts' opinions as to whether the alternations would have a significant influence on the rights and interests of the beneficiaries; and
4. other documents as required by the competent authority. |
| Article 12 |
（Submit liquidation book and report）The Trustee shall submit the liquidation statement and report regarding the asset trust securitization plan to the competent authority within thirty (30) days after the implementation of said plan is complete. |
| Article 13 |
（Items specified in special purpose trust contracts）A SPT contract shall contain the following:
1. purpose of the trust;
2. duties of the trustor and matters of which the Trustee shall be informed;
3. matters regarding reimbursement of expenses and damage compensation to the Trustee;
4. the Trustee's remuneration and its variety, calculation method, and payment timing and method;
5. methods of announcement as prescribed under Article 5, paragraph 1 hereof;
6. methods of managing and disposing of the trust property and the name of the Servicer appointed to manage and dispose of said property by the Trustee, if any;
7. methods of distributing the principal of the trust property or the profits, interests and other proceeds accrued therefrom;
8. Principal Holding, Profits Holding, priority of distribution and duration of Beneficiary Securities with different types or durations;
9. methods of issuing Beneficiary Securities and the transfer restrictions;
10. matters regarding borrowed money, expenses incurred, and application of idle funds when the Trustee handles the trust affairs;
11. causes requiring the Trustee to convene a beneficiaries' meeting;
12. causes requiring the Trustee to appoint a Trust Supervisor and the criteria of his/her professional knowledge or experience; and
13. other matters prescribed under Article 19, paragraph 1 of the Trust Enterprise Act and by the competent authority. |
| Article 14 |
（Scope of idle funds utilization）The Trustee shall not borrow money with the trust property, unless otherwise provided for in the asset trust securitization plan.
The purpose of borrowing money as provided in the asset trust securitization plan described in the preceding paragraph shall be limited to the distribution of profits, interests or other proceeds.
The utilization of idle funds in the trust property of a SPT shall be limited to the following:
1. bank deposits;
2. purchase of government bonds or financial bonds;
3. purchase of treasury bills or negotiable certificates of time deposits;
4. purchase of commercial papers with a credit rating above a certain level or guaranteed or accepted by banks with a rating above the level stipulated by the competent authority; or
5. other utilizations approved by the competent authority. |
Section II: Issuance and Transfer of Beneficiary Securities |
| Article 15 |
（Issuance of beneficiary certificates of different categories and duration）The Trustee may issue Beneficiary Securities with various types and durations in accordance with the assets trust securitization plan.
After the Beneficiary Securities have been paid off, the remaining property in the Asset Pool shall be distributed to the Residual Beneficiary in accordance with the assets trust securitization plan. |
| Article 16 |
（Certification of beneficiary securities）Before the issue, the Beneficiary Securities shall be serialized, contain the following items, bear the signature and/or seal of the representative of the Trustee, and be certified by a certification agency:
1. annotations expressly stating that it is a SPT Beneficial Security;
2. issue date and maturity date;
3. total issue amount;
4. reference number and date of the letter confirming that the issue of Beneficiary Securities has been approved by or effectively registered with the competent authority;
5. names and addresses of the Originator and the Trustee;
6. names or titles of the beneficiaries;
7. Principal Holding, Profits Holding, priority of distribution, duration and other beneficial interests of the Beneficiary Securities;
8. duration of the SPT contract;
9. matters regarding reimbursement of expenses and damage compensation to the Trustee;
10. the Trustee's remuneration and its variety, calculation method, and payment timing and method;
11. if the transferees of the Beneficiary Securities are limited, the content and effect of such limitations;
12. the limitations on the exercise of the beneficiary's rights set forth in the SPT contract; and
13. other items as required by the competent authority.
The provisions of the Rules Governing Certification of Corporate Stock and Bond Issued by Public Companies shall apply mutatis mutandis to the certification of the Beneficiary Securities as referred to in the preceding paragraph. |
| Article 17 |
（Provision of prospectus and investment memorandum）When conducting a public offering of Beneficiary Securities to non-specific people in accordance with the asset trust securitization plan, the Trustee shall provide a pubic prospectus to the subscriber or purchaser in a form prescribed by the competent securities authority.
When making the public offering described in the preceding paragraph, the Trustee shall apply for an approval from or file an effective registration with the competent securities authority. The public offering guidelines and the content of the prospectus shall be promulgated by the competent securities authority after consultation with the competent authority.
If the Trustee issues Beneficiary Securities to specific people through private placement, the Trustee shall provide an investment memorandum to the subscriber or purchaser in accordance with the methods prescribed by the competent authority, and shall annotate so on the Beneficiary Securities with conspicuous language and state so in other relevant documents provided to the subscriber or purchaser.
The scope of the specific people, the content of the investment memorandum, and the restriction on the transfer of Beneficiary Securities as referred to in the preceding paragraph shall be further prescribed by the competent authority.
paragraphs 1 and 2 shall apply mutatis mutandis, where the specific people sell the held Beneficiary Securities through a public offering to non-specific people.
In addition to the requirements of the competent securities authority or the competent authority, the content of the prospectus as referred to in paragraph 1 or the investment memorandum as referred to in paragraph 3 shall completely disclose the following matters:
1. the Beneficiary Securities are irrelevant to the deposit with the Originator or any of its debts, and are not protected by the deposit insurance of the Central Deposit Insurance Corporation;
2. the Trustee does not guarantee the value of the trust property;
3. the relevant rights and potential investment risks of the holders of the Beneficiary Securities; and
4. critical items of the SPT contract. |
| Article 18 |
（Exercise and transfer of rights to beneficiary securities）Except for Residual Beneficiaries, the exercise or transfer of beneficial interests in a SPT shall be made against the Beneficiary Securities evidencing such beneficial interest. |
| Article 19 |
（Registered beneficiary securities and method of transfer）Beneficiary Securities shall be in registered form and the transfer thereof shall be made in endorsement. Such transfer shall not be held valid against the Trustee, unless the Trustee has been informed of the name or title and address of the transferee.
The transfer of the Beneficiary Securities shall not be held valid against any third party, unless the name or title of the transferee has been recorded on the Beneficiary Securities.
If the Beneficiary Securities are issued and delivered through a book-entry system, no physical securities are required to be printed, and the transfer, settlement of trades and pledge thereof shall be handled in accordance with the relevant provisions of the Securities and Exchange Act or the Act Governing Bills Finance Business. |
| Article 20 |
（Items to be specified in the beneficiary registry）The Trustee shall arrange a list of beneficiaries and record the following items thereon:
1. names or titles, domiciles or residences of the beneficiaries;
2. types of the beneficial interests of each beneficiary and his/her respective Principal Holding and Profits Holding;
3. serial numbers of the Beneficiary Securities; and
4. date of the acquisition of the Beneficiary Securities.
With regard to computerized or other electronic recordation, the information described in the preceding paragraph may be supplemented by attached tables. |
| Article 21 |
（Validity of the transfer of beneficiary securities）The transferee of the Beneficiary Securities succeeds to the rights and obligations of the trustor of the SPT based on the Principal Holding evidenced by such Beneficiary Securities, unless otherwise provided in the SPT contract in terms of obligations. |
| Article 22 |
（Petition for public summons）When the Beneficiary Securities are lost, the beneficiary may apply to commence public summons procedures.
After commencing public summons procedures, the applicant may provide appropriate security and request the Trustee to perform its obligations under such Beneficiary Securities. |
Section III: Beneficiaries' Meeting |
| Article 23 |
（Rights of beneficiaries）The rights of beneficiaries and the trustor of a SPT must be exercised pursuant to the beneficiaries' meeting or by the Trust Supervisor, except for the following rights of beneficiaries:
1. receiving the payment from the Trustee payable under the SPT contract; and
2. other acts exclusively for the beneficiaries' interests.
A beneficiaries' meeting may appoint a Trust Supervisor by resolution. The appointed Trust Supervisor shall attend every beneficiaries' meeting. |
| Article 24 |
（Convening beneficiaries' meetings）A beneficiaries' meeting shall be convened by either the Trustee or the Trust Supervisor.
Beneficiaries with three (3) percent or more of the total Principal Holding may, for the common interests of the beneficiaries, request in writing, stating the matters for discussion and the reasons thereof, that the people having the right to convene the beneficiaries' meeting in accordance with the preceding paragraph convene a beneficiaries' meeting.
Within fifteen (15) days from the written request described in the preceding paragraph, if the person having the right to convene the beneficiaries' meeting fails to convene or cannot convene a beneficiaries' meeting due to any reasons, such beneficiaries with three (3) percent or more of the total Principal Holding may convene a beneficiaries' meeting after the competent authority grants its approval.
All the beneficiaries shall be informed of the notice of a beneficiaries' meeting twenty (20) days prior to the date of the beneficiaries' meeting.
The notice described in the preceding paragraph shall contain the reason for convening the meeting, the total number of voting rights and the percentage of voting rights held by each beneficiary. Matters regarding the resignation and removal of the Trustee, the appointment of the new Trustee, the appointment, resignation, or removal of the Trust Supervisor, and the alteration or termination of the SPT contract shall be stated in the reason for convening the meeting and shall not be raised by extraordinary motions. |
| Article 25 |
（Voting rights）Resolutions of a beneficiaries' meeting, unless otherwise provided for in this Act or other agreements in the SPT contract, require a quorum of beneficiaries holding at least one-half of all voting rights and a majority of all votes of beneficiaries present in the meeting.
A beneficiary has voting rights proportional to the Principal Holding of his beneficial interests; provided that if the SPT contract provides otherwise, such provision shall prevail.
Article 177 of The Company Act and Article 25-1 of the Securities and Exchange Act shall apply mutatis mutandis where a beneficiary appoints an agent to exercise the voting right on his/her behalf.
A beneficiary with a personal interest in the discussed matter at the meeting, which may damage the interest of the trust property, shall not vote nor exercise the voting right on behalf of another beneficiary.
The Trustee shall have no voting right with regard to the beneficial interests held by it based on its own property. |
| Article 26 |
（Acknowledgment of resolutions of beneficiaries' meetings）If the asset trust securitization plan allows various types of beneficial interests, and if a resolution of a beneficiaries' meeting damages the rights of a certain type of beneficiaries, such resolution shall be approved by a resolution adopted in a meeting of that damaged type of beneficiaries.
The approval in the preceding paragraph shall require a quorum of at least one-half of all voting rights of that type of beneficiaries and by two-thirds of all votes present.
The provisions governing beneficiaries' meetings in this section shall apply mutatis mutandis to the meetings of the aforementioned certain types of beneficiaries.
The Trust Supervisor shall attend the meeting of the aforementioned certain types of beneficiaries and express his/her opinions. |
| Article 27 |
（Execution of resolutions of beneficiaries' meetings）Resolutions of the beneficiaries' meeting shall be executed by the Trust Supervisor or the person appointed by the beneficiaries' meeting.
The person appointed by a beneficiaries' meeting may take any litigious or non-litigious act related to the trust in his/her own name for the interest of the beneficiaries. |
Section IV: Trust Supervisor |
| Article 28 |
（Election of the trust supervisor）In order to protect the rights and interests of the beneficiaries, the Trustee may appoint a Trust Supervisor in accordance with the SPT contract.
The Trust Supervisor may take any litigious or non-litigious act related to the trust in his/her own name for the interest of the beneficiaries or the trustor, except for the following rights:
1. releasing the Trustee from any liability;
2. altering or terminating the SPT contract;
3. agreeing on the resignation of the Trustee, removing the Trustee or applying for a court order to remove the Trustee;
4. appointing, or applying to the court for an order to appoint, a new Trustee; and
5. other rights the Trust Supervisor shall not exercise in accordance with the SPT contract.
When appointing the Trust Supervisor in accordance with paragraph 1, the Trustee shall inform all beneficiaries in written form within ten (10) days after the appointment |
| Article 29 |
（Resolutions on the duties of the trust supervisor）In case of more than one Trust Supervisor, their duties shall be discharged pursuant to the majority consent of such Trust Supervisors unless otherwise provided for in the SPT contract or resolved in a beneficiaries' meeting. |
| Article 30 |
（Negative qualifications of the trust supervisor）Neither of the related parties, staff and employees of the Trustee nor the Originator shall act as the Trust Supervisor. |
| Article 31 |
（Requests for common interests）Beneficiaries with three (3) percent or more of the total Principal Holding may request, in writing, that the Trust Supervisor exercise his/her rights for the common interest of the beneficiaries.
The Trust Supervisor shall not refuse the request in the preceding paragraph unless the exercise of such rights would damage the execution of the SPT or the common interest of the beneficiaries or there are other legitimate reasons. |
| Article 32 |
（Remuneration of the trust supervisor）The Trust Supervisor's remuneration, the necessary expenses incurred by him/her in discharging his/her duties, and the compensation for damages for reasons not attributable to him/her may be appropriated from the trust property by the Trustee. |
| Article 33 |
（Request to cease action）If the Trustee violates any laws or regulations or the SPT contract and causes damage to the trust property, the Trust Supervisor may request the Trustee to cease such act for the benefit of the trust property. |
Section V: Rights and Obligations of the Trustee |
| Article 34 |
（Preparation of trust contracts and beneficiary registry）The Trustee shall keep at its principal office a duplicate or copy of the SPT contract and a roster of beneficiaries.
A beneficiary, the Trust Supervisor or a creditor of the obligation arising from the Trustee's acts for the SPT may request to review, copy or photocopy the documents described in the preceding paragraph. |
| Article 35 |
（Obligations of entrusted institutions for providing services）The Trustee may appoint a Servicer to manage and dispose of the trust property only when stated expressly in the asset trust securitization plan.
The Servicer shall periodically collect the principal of the trust property or its profits, interests, and other proceeds accrued therefrom and forward such collected amount to the Trustee for delivery to the beneficiaries. The Servicer shall also provide the Trustee with reports on payment by obligors, collectable payments, bad debts and other material information related to the trust property.
When the Servicer fails to perform its service obligations, a substitute Servicer shall continue to provide the service of asset management and disposal in accordance with the asset trust securitization plan or the approval of the competent authority. |
Section VI: Calculations, Taxes, and Relevant Matters of Special Purpose Trust |
| Article 36 |
（Production of statements）The Trustee shall prepare the following documents regarding the trust property of the SPT and shall report the same to the Trust Supervisor and notify all beneficiaries of the same within four (4) months after each fiscal year or after the complete implementation of the asset trust securitization plan:
1. balance sheet;
2. statement of income; and
3. report on the management and utilization of the trust property.
The content of the aforementioned statements shall not contain false statements or concealments |
| Article 37 |
（Profit distribution）Profits of the SPT shall be distributed in proportion to the Principal Holding of each beneficiary, unless otherwise provided for in the asset trust securitization plan. |
| Article 38 |
（Procedures for related taxes and fees for the transfer of assets）For the asset transfer made in accordance with the asset trust securitization plan approved by or effectively registered with the competent authority pursuant to this Act, the taxation shall be dealt with as follows:
1. Except for the deed tax payable by the Trustee when it disposes of real estate, the stamp duty, deed tax and business tax imposed on the asset transfer shall be exempted.
2. With regard to the amendment registration of real estate, real estate mortgages, movable properties subject to registration requirements and various security interests, the Trustee may apply to the competent registration authority for registration; the registration fees shall be exempted if the relevant certificate issued by the competent authority is presented.
3. If the Trustee acquires land by way of foreclosure of mortgages, the certificate of payment of land increment tax need not be submitted when applying for amendment registration. The tax payable upon transfer shall be borne by the original owner of such land pursuant to relevant laws. However, when the Trustee disposes of such land, the competent tax authority will have priority to collect the tax from the sale proceeds of such land for the tax payable by the original owner.
When the Trustee transfers the trust property to another SPC in accordance with the asset trust securitization plan, the preceding paragraph shall apply mutatis mutandis to the registration and taxes related to the asset transfer. |
| Article 39 |
（Transaction tax rate）Other than Beneficiary Securities being recognized as short-term bills by the competent authority, the trading of Beneficiary Securities shall be subject to the securities transaction tax at the tax rate applicable to corporate bonds. |
| Article 40 |
（Application of property income of special purpose trusts）The revenues of the SPT property shall be subject to the business tax at the rate applicable to banks. |
| Article 41 |
（Beneficiary income tax）The revenues of the SPT, after deducting the cost and expenses, shall be the beneficiaries' income and subject to the income tax on interest, and shall not be counted into corporate income of the Trustee.
When practically distributing the interest as referred to in the preceding paragraph, the Trustee shall withhold the income tax in accordance with the applicable withholding rate, and such interest shall be separately taxed and will not be consolidated into the gross personal income or gross corporate income of the beneficiaries. |
| Article 42 |
（Exclusions for requests for inspect, transcribe or make photocopies of account books）Beneficiaries with three (3) or more percent of the total Principal Holding may request the Trustee to review, transcribe, or copy the account booklets, documents, and statements made in compliance with this Act and Article 31 of the Trust Act by enclosing reasons in written form.
The Trustee shall not refuse the aforementioned request, except for the following reasons:
1. such request is not made for the purpose of ensuring the rights of beneficiaries;
2. such request damages the SPT or the common interest of beneficiaries;
3. the person making such a request is engaged in a business in competition with that of the SPT; or
4. the person making such request intends to disclose to a third party the information obtained from such review, transcribing or copying, or such person has a record of disclosing to a third party information from such review, transcribing or copying within the last two (2) years prior to making such request. |
Section VII: Alternations and Terminations of the Special Purpose Trust Contract |
| Article 43 |
（Changes of special purpose trust contracts）The SPT contract shall not be altered without a resolution of the beneficiaries' meeting and the consent of the Trustee.
The resolution of the beneficiaries' meeting described in the preceding paragraph requires a quorum of beneficiaries holding at least one-half of all voting rights and shall be adopted by two-thirds of all votes present, unless otherwise provided in this Act or in the SPT contract. |
| Article 44 |
（Purchase of beneficiary securities）If the alteration to the SPT contract shall change an item required to be included in the asset trust securitization plan, a beneficiary, who has informed the Trustee in written form of his/her objection prior to the adoption of such resolution at a beneficiaries' meeting pursuant to paragraph 1 of the preceding Article and has raised his/her objection at such beneficiaries' meeting, may request the Trustee to purchase all of the Beneficiary Securities held by him/her at the current fair price unless otherwise provided in the SPT contract and the prospectus or investment memorandum sets forth measures of dealing with such situation.
The consideration and other necessary expenses incurred for the purchase as referred to in the preceding paragraph may be appropriated from the trust property by the Trustee.
Except as otherwise provided in the SPT contract or resolved in a beneficiaries' meeting, the beneficial interest of a beneficiary shall be extinguished upon the purchase by the Trustee of the Beneficiary Securities held by him/her.
Article 187 and Article 188 of the Company Act shall apply mutatis mutandis to the aforementioned purchase of Beneficiary Securities. |
| Article 45 |
（Resolutions for changes to contracts）Where the SPT contract provides for a certain type of beneficial interest having no Principal Holding, the alteration of the SPT contract pursuant to Article 43, paragraph 1 hereof shall be subject to the approval by a resolution adopted in a meeting of that certain type of beneficiaries.
The provisions governing the beneficiaries' meetings in Section 3 shall apply mutatis mutandis to the meetings of certain types of beneficiaries described in the preceding paragraph. |
| Article 46 |
（Resolution for removal of responsibilities）The Trustee’s duties to the beneficiaries under the SPT contract shall not be released without a resolution of the beneficiaries' meeting unless there is a violation of laws or regulations.
The resolution of the beneficiaries' meeting described in the preceding paragraph requires a quorum of beneficiaries holding at least one-half of all voting rights and shall be adopted by two-thirds of all votes present. |
| Article 47 |
（Petition for resignation and dismissal）The Trustee shall not resign without a resolution of a beneficiaries' meeting, provided that the Trustee may apply to the court for approval for his/her resignation if there are reasons beyond control.
When the Trustee violates the laws, regulations, or the SPT contract, breaches his/her duties or has other significant reasons, the beneficiaries may remove the Trustee pursuant to a resolution of a beneficiaries' meeting, or the court may remove the Trustee upon application by the beneficiaries holding over ten (10) percent of the total Principal Holding.
In the situations described in the preceding two paragraphs, unless otherwise provided in the SPT contract, a successor Trustee may be appointed with the resolution of a beneficiaries' meeting, or the court may appoint a successor Trustee upon application by the beneficiaries holding over ten (10) percent of the total Principal Holding.
The resolution referred to in paragraphs 1 and 2 hereof requires a quorum of beneficiaries holding at least one-half of all voting rights and shall be adopted by two-thirds of all votes present. |
| Article 48 |
（Requests for acknowledgment of resignation and dismissal）When the Trustee resigns or is removed pursuant to the preceding Article, the Trustee shall immediately prepare the balance sheets, statement of income, and report on the management and utilization of the trust property and shall submit same to the beneficiaries' meeting for approval, and shall immediately deliver the aforementioned statements and report, together with the trust property, to the new Trustee.
When a Trust Supervisor has been appointed, the approval as described in the preceding paragraph shall be made by the Trust Supervisor. |
| Article 49 |
（Termination of special purpose trust contracts）The termination of the SPT contract shall be made with a resolution of a beneficiaries' meeting.
The resolution as referred to in the preceding paragraph requires a quorum of beneficiaries holding at least one-half of all voting rights and shall be adopted by two-thirds of all votes present. |
| Article 50 |
（Petition to the court for termination of special purpose trust contracts）Beneficiaries holding ten (10) percent or more of the total Principal Holding may file an application to the competent court for the termination of the SPT contract when the Trustee has apparent difficulties in executing trust affairs, has managed the trust property improperly, or has disposed of the trust property in violation of the purpose of the trust, and the trust property suffers material damage as a result thereof. |
| Article 51 |
（Reasons for the termination of special purpose trust contracts）The SPT contract shall be terminated due to the following reasons:
1. when the events set forth in Article 62 of the Trust Act occur;
2. resolutions of a beneficiaries' meeting;
3. the court's order of terminating the SPT contract; or
4. when the events prescribed by other competent authorities on the basis of protecting the rights and interests of the beneficiaries occur. |
| Article 52 |
（Disposal of trust properties）When the SPT contract is terminated, the Trustee shall dispose of the trust property promptly and distribute the cash obtained from the disposal in accordance with the asset trust securitization plan.
When the SPT contract is terminated for the reasons specified in the preceding Article, the Trustee shall dispose of the trust property in compliance with Article 35 of the Trust Act, unless otherwise provided for in the SPT contract. |
| Article 53 |
（Applicable scope of special purpose trusts）Article 6, paragraph 3 , Article 16, Article 32, Article 36, paragraphs 1 to 3, and Article 52 of the Trust Act shall not apply to a SPT. |